Eurozone agrees debt relief for Greece

Eurozone finance ministers on Monday approved new debt relief measures to alleviate Greece's colossal debt mountain in the wake of its huge 86-billion-euro bailout, but at levels far short of those demanded by the IMF.

"The Eurogroup endorsed today the full set of short-term measures," including extending the repayment period and an adjustment to interest rates, the eurozone's 19 finance ministers said in a statement.

The ministers accorded Athens the small measures to reduce Greece's debt as a reward for completing the latest round of reforms demanded in the country's massive bailout programme -- its third since 2010.